In the final installment of our look back at what made headlines we look back at the final three months of 2014.
In the final installment of our look back at what made headlines in 2014 we highlight the final three months of the year.
October
Wal-Mart life insurance coming to Canada?
Wal-Mart Stores has already established itself in Canada in the P&C space – could life insurance be the next step for the colossal retailer?
In the United States, Wal-Mart Stores announced it is getting into the health insurance business, teaming with an agent to offer customers the chance to compare insurance plans and enroll in the one they pick.
Global insurer to sell Canadian life business
A major global insurer has reached an agreement with another group to sell its $600 million Canadian life insurance operation.
International life insurance carrier Aegon announced that it will sell its Canadian operations to Wilton Re for $600 million. The transaction is expected to mean a loss of roughly $1.2 billion for the Netherlands-based insurer.
Drug pooling initiative showing its worth
The Canadian Drug Insurance Pooling Corporation (CDIPC) is already proving its value, thanks to the skyrocketing cost of prescription drug claims.
The number of high-cost prescription drug claims that Canada's private insurers covered for Canadians with fully-insured supplementary health insurance plans has doubled in the CDIPC’s first year of operation.
#pb#
November
Life insurer completes improvements following ‘significant breaches’
Suncorp Group has completed making a series of improvements to its compliance systems in its life and general insurance businesses following a large number of ‘significant breaches.’
Between June 2010 and June 2013, 849,000 Australian customers were affected by the reported breaches, requiring refunds of approximately $23 million.
Underestimating life expectancy slashes company shares
One insurer is taking a massive hit on the Stock Exchange after reporting earnings that “widely missed expectations” relating to its long-term care business.
In morning trading on Thursday of last week, Genworth stock was down nearly 36 per cent to about $9 per share. The previous day, the stock had closed around $14.
CLHIA wants life and health partnership with Ottawa
Brokers could be getting help from the federal government to help navigate the changing landscape of retirement plans and health insurance, if the CLHIA chairman gets his wish.
In an address to parliamentarians and officials in Ottawa for Life and Health Insurance Advocacy Day, CLHIA chairman, and president and CEO of Manulife Insurance, Donald Guloien urged the government to partner with the industry to tackle key issues facing insurers.
#pb#
December
FSCO embraces auditor general’s orders to crack down on advisors
FSCO is embracing suggestions made by the auditor general aimed at tightening regulations around life and health insurance advisors.
“FSCO welcome the Auditor General’s observations about its life insurance agent licensing system and procedures,” the regulatory body said in an email to Life Health Professional. “While the life insurance agent licensing system by FSCO is generally sound, the audit recommendations will strengthen oversight of the sector.”
CLHIA slams province over ORPPs
The CLHIA “is extremely disappointed” with the Ontario government's suggestion that existing workplace schemes – including DC plans – would not be considered "comparable” in the province’s proposed ORPP.
The government released its consultation paper on Wednesday, outlining a few details which had been scarce up until then, inviting feedback on its proposed new retirement policy.
Insurers hit by tax increases in Quebec
Advisors are bracing themselves for tough conversations with clients about increased premiums stemming from the Quebec government’s decision to raise taxes for life and health insurers.
The government is hiking the rate at which insurance firms are taxed on life and health insurance premiums by one per cent, which would generate $260 million over three years.
October
Wal-Mart life insurance coming to Canada?
Wal-Mart Stores has already established itself in Canada in the P&C space – could life insurance be the next step for the colossal retailer?
In the United States, Wal-Mart Stores announced it is getting into the health insurance business, teaming with an agent to offer customers the chance to compare insurance plans and enroll in the one they pick.
Global insurer to sell Canadian life business
A major global insurer has reached an agreement with another group to sell its $600 million Canadian life insurance operation.
International life insurance carrier Aegon announced that it will sell its Canadian operations to Wilton Re for $600 million. The transaction is expected to mean a loss of roughly $1.2 billion for the Netherlands-based insurer.
Drug pooling initiative showing its worth
The Canadian Drug Insurance Pooling Corporation (CDIPC) is already proving its value, thanks to the skyrocketing cost of prescription drug claims.
The number of high-cost prescription drug claims that Canada's private insurers covered for Canadians with fully-insured supplementary health insurance plans has doubled in the CDIPC’s first year of operation.
#pb#
November
Life insurer completes improvements following ‘significant breaches’
Suncorp Group has completed making a series of improvements to its compliance systems in its life and general insurance businesses following a large number of ‘significant breaches.’
Between June 2010 and June 2013, 849,000 Australian customers were affected by the reported breaches, requiring refunds of approximately $23 million.
Underestimating life expectancy slashes company shares
One insurer is taking a massive hit on the Stock Exchange after reporting earnings that “widely missed expectations” relating to its long-term care business.
In morning trading on Thursday of last week, Genworth stock was down nearly 36 per cent to about $9 per share. The previous day, the stock had closed around $14.
CLHIA wants life and health partnership with Ottawa
Brokers could be getting help from the federal government to help navigate the changing landscape of retirement plans and health insurance, if the CLHIA chairman gets his wish.
In an address to parliamentarians and officials in Ottawa for Life and Health Insurance Advocacy Day, CLHIA chairman, and president and CEO of Manulife Insurance, Donald Guloien urged the government to partner with the industry to tackle key issues facing insurers.
#pb#
December
FSCO embraces auditor general’s orders to crack down on advisors
FSCO is embracing suggestions made by the auditor general aimed at tightening regulations around life and health insurance advisors.
“FSCO welcome the Auditor General’s observations about its life insurance agent licensing system and procedures,” the regulatory body said in an email to Life Health Professional. “While the life insurance agent licensing system by FSCO is generally sound, the audit recommendations will strengthen oversight of the sector.”
CLHIA slams province over ORPPs
The CLHIA “is extremely disappointed” with the Ontario government's suggestion that existing workplace schemes – including DC plans – would not be considered "comparable” in the province’s proposed ORPP.
The government released its consultation paper on Wednesday, outlining a few details which had been scarce up until then, inviting feedback on its proposed new retirement policy.
Insurers hit by tax increases in Quebec
Advisors are bracing themselves for tough conversations with clients about increased premiums stemming from the Quebec government’s decision to raise taxes for life and health insurers.
The government is hiking the rate at which insurance firms are taxed on life and health insurance premiums by one per cent, which would generate $260 million over three years.
